Mortgage Demand Retreats After Recent Gains

bobbybaldor Real Estate Leave a Comment

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loan applications fell last week. In fact, the MBA’s Market Composite Index – which measures both purchase and refinance demand – dropped 2.3 percent from the previous week. Part of that decline included a 3 percent dip in the number of requests for applications for loans to buy homes. Still, the Purchase Index, which saw significant increases in the two week’s leading up to last week’s drop, remains 7 percent above the same week one year ago. The Refinance Index also fell, slipping 2 percent from the week before. Mortgage rates were up from one week earlier across all loan categories, except loans backed by the Federal Housing Administration. FHA loans dipped slightly, while increases were seen on 30-year fixed rate mortgages with both conforming and jumbo balances, in addition to 15-year fixed-rate loans. The MBA’s weekly survey covers 75 percent of all retail residential mortgage applications and has been conducted since 1990. More here.

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